Small Business

Today, 62.5 million Latinos comprise 19% of the U.S. population, and the nearly 5 million Latino-owned businesses in the U.S. contribute more than $800 billion to the U.S. economy annually, according to Congress’s Joint Economic Committee (JEC). Further, nearly 1 in 4 new businesses in the U.S. today are Latin-owned, and they are major drivers of job-creation. In fact, companies less than five years old create an average of 1.5 million new jobs each year, according to the committee. If Latino owned businesses grow as fast as the U.S. average, they could add $1.4 trillion to the U.S. economy, which according to JPMorgan Chase, would add almost eight percent to the $18 trillion U.S. economy. Chase also said that when Latino entrepreneurs start a business, 70% of their funding comes from personal savings, while just 6% comes from commercial loans.